Oil prices have decreased as discussions between the US and Iran regarding a potential revival of peace talks gain momentum. Brent crude is currently priced at approximately $97 per barrel, while West Texas Intermediate hovers near $95. The US has implemented a blockade of the Strait of Hormuz, prompting Iran to consider a temporary halt to its oil shipments to avoid escalating tensions. This blockade coincides with ongoing negotiations aimed at achieving a longer-term ceasefire before the expiration of a two-week pause in hostilities announced on April 7. The International Energy Agency has warned that the conflict could lead to the first annual decline in oil demand growth since the pandemic. Additionally, US gasoline prices have surged to their highest levels since 2022, causing concern among consumers. Vice President JD Vance noted that the blockade has increased US leverage in negotiations with Iran, suggesting a potential winding down of the situation.